The filing was used as proof to show the Italian had enough funds to take full control at Watford and was fabricated to make it look like it was written by HSBC shortly before the 2014/15 season when the Hornets won promotion to the Premier League.

The Telegraph now claims that Watford have now been forced to cough up £4m as punishment after they passed on the document to both HSCB and the police late last year.

The fine is the largest ever in EFL history and was decided by a disciplinary commission.

It was set to be as much as £5.75m originally, but Watford were given a cut after cooperating in full with the investigation.

Former CEO Raffaele Riva will receive a separate punishment from the EFL, with Pozzo deemed to have not known about the forgery.

Riva resigned soon after the accusations came to light and claimed he did not know he was working with a forged letter.